Spotify Technology (NYSE:SPOT) Now Covered by Analysts at China Renaissance

China Renaissance began coverage on shares of Spotify Technology (NYSE:SPOT) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $740.00 target price on the stock.

A number of other equities research analysts have also recently commented on the stock. Benchmark raised their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. UBS Group upped their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $547.55.

Spotify Technology Price Performance

SPOT stock opened at $576.86 on Wednesday. The company has a market capitalization of $118.09 billion, a P/E ratio of 96.95 and a beta of 1.66. Spotify Technology has a 12 month low of $257.56 and a 12 month high of $652.63. The firm’s fifty day simple moving average is $575.00 and its 200-day simple moving average is $474.75.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the fourth quarter valued at about $1,335,575,000. FMR LLC increased its holdings in Spotify Technology by 30.2% in the 4th quarter. FMR LLC now owns 2,041,387 shares of the company’s stock valued at $913,276,000 after purchasing an additional 473,569 shares during the last quarter. State Street Corp raised its position in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the period. Schroder Investment Management Group boosted its position in shares of Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after buying an additional 7,075 shares during the period. Finally, GQG Partners LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at $800,725,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.